Oil drops 1% as U.S. stockpiles sap rally
Oil prices fell after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world’s largest oil consumer
Oil prices fell after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world’s largest oil consumer
Russia expects OPEC+ to raise its output by 400,000 barrels per day (bpd) at the Nov. 4 meeting, as previously agreed, Deputy Prime Minister Alexander Novak said
The U.S. investment bank said it expected oil demand will shortly reach pre-COVID-19 levels of around 100 million bpd as consumption in Asia rebounds after the Delta COVID-19 wave
The White House is calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from Covid
Saudi Arabia’s crude oil exports rose in August for a fourth consecutive month to the highest since January 2021, the Joint Organisation Data Initiative (JODI) said
OPEC+ compliance with oil cuts fell slightly to 115% in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face challenges in pumping more oil
Japan will urge global oil producers to increase output and take steps to cushion the blow to industries hit by the recent spike in energy costs, Prime Minister Fumio Kishida said
Oil prices could reach $100 a barrel, Russian President Vladimir Putin said, adding that Moscow and its partners in the OPEC+ producer group are seeking to stabilize the global market
The White House stands by its calls for oil-producing countries to “do more” to support the global economic recovery, an official said on Monday as crude prices hit multi-year peaks.
Oil prices extended losses from the previous session, as the United States said it was considering selling oil from its strategic reserves and as Russia said it was ready to stabilise the natural gas market